Resources for Financial Literacy and Homebuyer Education

Cora Fulmore of the Mortgage and Credit Center provides classroom training.

Resources for Financial Literacy and Homebuyer Education

by wight greger and dayatra urduna florida housing coalition

This year the Florida Housing Coalition, in partnership with Wachovia Bank, has begun to compile and catalog a list of online resources for furthering financial literacy and homebuyer readiness. This resource list includes information on Internet sites where individual consumers can access information on credit and preparing to purchase a home, as well as information on training available to homebuyer counselors and products developed specifically for use in the classroom and in one-on-one training with consumers. Many of the products offered online for consumers are somewhat generic in their approach to building an understanding of what is required to qualify for a mortgage. Housing professionals who work directly with borrowers and potential borrowers of public and private funds should work closely with their local lending

community to make sure that the consumer counseling and homebuyer readiness training compliments the loan products that are offered.

As part of our research, we interviewed housing professionals about some of the products in the resource list. Cora Fulmore, president of the Mortgage and Credit Center, particularly liked the Freddie Mac product Credit Smart. "This is a good module. The module is consistent within its delivery, it's a colorful and engaging presentation and it provides everything a nonprofit would need to deliver a complete financial literacy course," Fulmore said. One added benefit to the Credit Smart curriculum is that the materials are free to nonprofit organizations. Fulmore also liked the Jumpstart program, Personal Financial Literacy.

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HOUSING NEWS NETWORK

financial literacy resources

product

type

price special features contact

Neigborhood Reinvestment Training

Homebuyer Education Program

Institute (NRC) Neighborworks Training Training - Train the Trainer

Varies

Fannie Mae Home Counselor Online FDIC Money Smart

Homebuyer-owner Counseling Program Free management software to be used by counseling professionals when working one on one with homebuyers

Homebuyer Readiness and Credit

Free

Counseling

Freddie Mac Your Route to Homeownership and Credit Smart

Self Study Homeownership Training Free online

Jump Start Coalition Personal Financial How to Raise a Money Smart Child: Free

Literacy

A Parent's Guide & Best Practice

Guidelines

Community Housing and Development Corporation Online Homebuyer Education Course

Self Study Homeownership Training Free online

Nehemiah Online Homeownership Course

Self Study Homeownership Training Free

New Horizons Unlimited Inc. Wisconsin Information and referral

Free

Guide to Buying a Home of Your Own for

People with Disabilities

National Foundation of Credit counselors

Information and referral service

Free online

Enterprise Foundation Essential Elements Information

Free

of Counseling and Training Programs for

the Home Owner and Home Buyer

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A comprehensive classroom training program covering a number of topics for Homebuyer program workers. Includes train the trainer sessions. Training held regularly throughout the United States.

homeFramex.asp?searchfor =08

Client and data management, Course management, reporting tools, transfer of data to lenders, credit agency account setup, online immediate help function.

/hcd/single_family/tools_app s_services/apps/hco.html

A curriculum intended to help consumers understand the basics of banking, with modules on topics such as bank services, credit, budgeting, savings, credit cards, loans and homeownership. The program can be taught in its entirety, or specific modules can fill in the gaps in other financial education programs.

ers/consumer/moneysmart/in dex.html

On line curriculum to help consumers with understanding the process for buying and owning a home.

homebuyers/

This helps individuals including students with getting on the right path to financial literacy. This program is for parents, the classroom, online, or self-study.



Designed for use by the homebuyer to complete education requirement for certain loans in an online setting. Calculator, budget developer, certification.

.com/page1.htm

Online self-study course for new homeowners with online knowledge testing. Users must score an 85 in order to receive certification for completion and be eligible for custom or commercial loans offered through Nehemiah. Curriculum is made up of 10 chapters and generally takes 4-10 hours to complete. Includes glossary of terms with each chapter, links to additional information, and a notes and storage section that lets students go through the program in multiple settings. Also includes data storage space for students to keep information while looking for housing.

.com/buyers/hec.asp

Web site developed to provide information and referral for people with disabilities who wish to be homeowners. Site is full of links, referrals, Legislation, helpful tips, etc. Website owner is out of Wisconsin so it also contains information specific to WI.



A referral source for Credit, Money Management, and Homebuyer Education resources. Chatrooms, online calculators, budgets, and links to FreddieMac's "Your Route to Homeownership"



Simple outline of Homebuyer Counseling elements

resources/dss/single fam/sf&24&in&nc&oomooc1. htm

financial literacy resources

product

type

price special features contact

"Enterprise Foundation Sample HomeBuyer Training Curricula: Expert Course Offerings"

Information

National Council of Economic Education An education program for Youth Financial Fitness for Life

Neighborhood Assistance Corporation Ten Steps

A Homebuyer education program including credit counseling

American Center for Credit Education Credit Homebuyer Education and financial When Credit is Due and Make Your Move literacy

National Endowment for Financial Education Financial Education Clearinghouse

Information and referral for Homebuyer and Financial Literacy programs

Free

A comparative list of HEC programs from a

number of well respected HEC providers.

resources/ERD/reso

urce.asp?id=1323&c=6&a

=view&f=browse

$7.95 to $79.95 for various materials and curriculum

Helps students apply economics and decision-making skills to the real world of earning and spending an income, savings, using credit, investing, and managing money. This comprehensive K-12 program consists of teacher resource manuals, student workbooks, parent guides, interactive activities, and a CD-ROM. Modules are available for each age group.



Free

This 62 page manual is an example of a



program outline of the 10 Steps NACA uses nt/home_ownership/10steps

to move people to homeownership. It

/ten_steps.pdf

includes forms and other materials used to

manage the Homebuyer counseling program.

Info available Financial Literacy program for classroom,

by email

online, or self-study.

docs.htm#

Free

List and links to over 70 Homebuyer and



Financial Literacy programs including

onfund/about.html

summaries of programs, email addresses,

and websites, as well as costs when

programs are not free.

Participants in recent training session

Julie Nolan, vice president of Keystone Challenge Fund, stated a preference for the Nehemiah program, but also has her clients go to the Internet to supplement the training they receive in Keystone's classes: "It is our understanding that the National Foundation for Credit Counseling is going to have

new products online. We are excited to be able to refer people to their site."

Barbara Taylor, SHIP administrator for Clay County and former counselor and educator for the Jacksonville Housing Partnership, liked the Jump Start Coalition's module: "It is a good tool for families to use with their children. The program provides illustrations and games to help teach financial literacy." Taylor also likes the training offered by the Neighborhood Reinvestment Corporation, as well as the materials offered by the FDIC. "The FDIC Money Smart module is a good tool to be incorporated into your current one-on-one training or for a classroom setting. It is interactive and useful."

The BorrowSmart Public Education Foundation is a national initiative to educate home equity borrowers. BorrowSmart's purpose is to educate the consumer on the ins and outs of equity borrowing and how to avoid the pitfalls that can result in the consumer getting a loan that can end in a family losing their home. BorrowSmart works with sponsoring partners, including Wachovia Bank, and housing professionals to get information and educational materials to the consumer. More information can be found at .

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